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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks start lower amid US election jitters, ahead of US jobs report Stocks in London began the session firmly in the red on Friday ahead of the latest non-farm payrolls release and as the US election continues to weigh on investors' minds.
The FTSE 100 was down by 1.07% or 72.44 points to 6,717.48 as of 0817 GMT, alongside losses of 0.46% for front month Brent crude oil futures to $46.14 per barrel, while cable was up by 0.07% at 1.2469.
Overnight, the S&P 500 closed lower for an eight consecutive session, the ninth such episode since March 1957, with the last one occurring in October 2008. Another close lower on Friday would mark the first nine-day losing streak since 1980, according to Deutsche Bank, as investors batten down the hatches ahead of the 8 November presidential elections in the States.
There are no major UK data releases due but in the US, the nonfarm payrolls report and unemployment rate are at 1230 GMT, along with the trade balance.
CMC Markets' Michael Hewson said the payrolls report is expected to show an improvement of 175,000 from September's 156,000.
"There is a concern that this estimate may well be on the high side given the weak employment component of yesterday's ISM non-manufacturing survey, which saw a sharp fall from 57.2 to 53.1, while the headline number also showed a similar drop from the September numbers.
"The unemployment rate is expected to come down to 4.9% from 5%, while average hourly earnings are expected to remain unchanged at 2.6%. One of the Fed's main concerns is stagnant wage growth at a time when inflation is starting to show signs of picking up, and while we do appear to be starting to see signs of rising prices, wages don't appear to be showing signs of following suit."
In corporate news, Paddy Power Betfair posted a trading update for the three months to 30 September on Friday, with revenue up 25% to £404m, or up 15% in constant currencies.
The FTSE 100 bookmaker said that growth was driven by sports, including a strong conclusion to the Euro 2016 tournament, with sportsbook stakes up 26%, or 14% at constant currency. Underlying EBITDA rose 53% to £113m and underlying operating profit was up 68% to £95m, with the company's underlying EBITDA margin increasing from 23% to 28%.
Vodafone announced on Friday that its Dutch company has agreed to sell its consumer fixed business to T-Mobile Netherlands Holding for an undisclosed fee, in order to settle a condition by the European Commission for a proposed merger in the country.
Vodafone Libertel BV is to sell Vodafone Thuis as a part of the deal with the European Commission so the company and Liberty Global, a US telecommunications company, can go ahead with the proposed merger of Vodafone Netherlands and Ziggo, a cable operator, to form a joint venture.
Budget airline EasyJet said passenger numbers rose last month, but the load factor dropped. Passenger numbers were up 6.9% from last October to just over 6.84m, but the load factor - which gauges how full the planes are - fell to 90.2% from 93.3%.
On a rolling 12-month basis, passenger numbers were up 6.3% to 73.58m, while the load factor dipped to 91.3% from 91.7%. |
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| Market Movers
FTSE 100 (UKX) 6,733.42 -0.84%
FTSE 250 (MCX) 17,398.42 -1.04%
techMARK (TASX) 3,280.59 -0.83%
FTSE 100 - Risers
Paddy Power Betfair (PPB) 8,890.00p 3.61%
Rolls-Royce Holdings (RR.) 714.50p 0.99%
Burberry Group (BRBY) 1,427.00p 0.49%
Lloyds Banking Group (LLOY) 56.19p 0.29%
BAE Systems (BA.) 536.00p 0.28%
Sky (SKY) 811.00p 0.00%
Worldpay Group (WPG) 282.70p -0.11%
National Grid (NG.) 1,018.50p -0.20%
British American Tobacco (BATS) 4,557.00p -0.22%
WPP (WPP) 1,703.00p -0.23%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 1,643.00p -5.85%
Dixons Carphone (DC.) 332.10p -2.75%
Royal Bank of Scotland Group (RBS) 189.00p -2.53%
Mediclinic International (MDC) 875.50p -2.45%
Randgold Resources Ltd. (RRS) 6,940.00p -2.39%
Next (NXT) 4,973.00p -2.30%
Intu Properties (INTU) 266.50p -2.20%
Smith & Nephew (SN.) 1,120.00p -2.18%
Legal & General Group (LGEN) 209.00p -2.15%
Shire Plc (SHP) 4,443.00p -2.12%
FTSE 250 - Risers
Aggreko (AGK) 843.00p 6.91%
Tullett Prebon (TLPR) 378.50p 2.97%
CYBG (CYBG) 280.80p 2.15%
Caledonia Investments (CLDN) 2,420.00p 1.42%
Sophos Group (SOPH) 235.70p 1.29%
UK Commercial Property Trust (UKCM) 80.00p 1.07%
PayPoint (PAY) 1,108.00p 0.73%
BH Macro Ltd. GBP Shares (BHMG) 1,900.00p 0.64%
Barr (A.G.) (BAG) 499.40p 0.48%
Greencoat UK Wind (UKW) 116.20p 0.43%
FTSE 250 - Fallers
DFS Furniture (DFS) 231.00p -12.40%
Lancashire Holdings Limited (LRE) 719.50p -5.08%
Euromoney Institutional Investor (ERM) 1,035.00p -3.72%
JRP Group (JRP) 119.40p -3.32%
Tullow Oil (TLW) 251.90p -2.89%
Allied Minds (ALM) 334.90p -2.81%
Keller Group (KLR) 692.50p -2.67%
Brown (N.) Group (BWNG) 191.20p -2.55%
Countrywide (CWD) 180.80p -2.53% |
| | UK Event Calendar | | Friday 04 November
INTERIM DIVIDEND PAYMENT DATE
Ascential, BBA Aviation, Bodycote, Cello Group, Cobham, CRH, Elecosoft, F&C Private Equity Trust, Fisher (James) & Sons, Hastings Group Holdings , Huntsworth, Johnson Service Group, Judges Scientific, M. P. Evans Group, OneSavings Bank, Rightmove, SIG, Synthomer, Unite Group, Weir Group, XLMedia
QUARTERLY PAYMENT DATE
Investors Capital Trust 'A' Shares
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (12:30)
Producer Price Index (EU) (10:00)
Unemployment Rate (US) (12:30)
Q3
Kennedy Wilson Europe Real Estate
AGMS
Jupiter Energy Ltd
TRADING ANNOUNCEMENTS
Paddy Power Betfair
FINAL DIVIDEND PAYMENT DATE
Begbies Traynor Group, Eckoh |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall as investors eye payrolls European stocks fell in early trade as next week's US presidential election continued to weigh on investors' minds and ahead of the release of the latest nonfarm payrolls report later in the day.
At 0850 GMT, the benchmark Stoxx Europe 600 index was down 0.9%, Germany's DAX was off 0.8% and France's CAC 40 was 0.5% lower.
Meanwhile, oil prices retreated, with West Texas Intermediate down 0.3% to $44.51 a barrel and Brent crude down 0.4% to $46.17.
Accendo Markets analysts Mike van Dulken and Henry Croft said: "In focus today on the data front will be US Non-Farm Payrolls, given the US Fed having said that the case for a rate rise has continues to strengthen, but that it would like to see further evidence. Could today's jobs report take us a step closer to a December rate hike, like last year?
"An NFP print of 100-200K (consensus 175K) will likely be taken as rate rise positive, especially if unemployment drops back to its summer lows of 4.9%. As always, with inflation as the other half of the Fed's dual mandate keep an eye on any improvement in earnings that would be supportive."
In corporate news, Commerzbank declined after saying it swung to a net loss in the third quarter.
British Airways and Iberia parent International Consolidated Airlines Group flew lower after it cut its target for average annual earnings before interest, taxes depreciation, amortisation and rental costs to around €5.3bn from 5.6bn previously.
EasyJet was also in the red after the budget airline said passenger numbers rose last month, but the load factor dropped. Passenger numbers were up 6.9% from last October to just over 6.84m, but the load factor - which gauges how full the planes are - fell to 90.2% from 93.3%.
On the upside, LafargeHolcim was in the black despite reporting lower revenue than expected for the third quarter, as it said it was on track to meet full-year targets.
Paddy Power rallied after lifting its full-year profit forecast and posting a rise in core earnings for the three months to the end of September.
Richemont shares gained ground as the Cartier maker posted weaker-than-expected profits for the six months to the end of September and announced that its chief executive and chief financial officer will step down next year.
The nonfarm payrolls report and unemployment rate are at 1230 GMT, along with US trade balance. |
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| | US Market Report | | US close: Markets finish lower as investors look towards vote US equities finished lower on Thursday after a tsunami of economic data was released, while markets prepared for either a Hillary Clinton or Donald Trump presidency.
The Dow Jones Industrial Average was last down 0.16% at 17,930.67 points, while the S&P 500 lost 0.44% to 2,088.66 points and the Nasdaq 100 fell 1.01% to 4,679.10 points.
Oil prices retreated as investors remained skeptical over OPEC's planned production limit.
Brent crude was down 1.25% to $46.28 per barrel and West Texas Intermediate declined by 1.55% to $44.65.
On Wednesday the Federal Reserve as, expected, stood pat on increasing interest rates with less than a week to go before the presidential election, but indicated that a December hike could be on the cards.
Connor Campbell, a financial analyst at Spreadex, said: "The Dow Jones could only find mild satisfaction in the dollar's weakness this Thursday, rising a meagre 0.2% after the bell.
"That leaves the index under 18,000, until this week a position it hadn't been in since mid-September.
"A weaker than forecast ISM services PMI (at 54.8, the same as the Markit reading) didn't help, though there isn't much ambiguity where the brunt of the Dow's negativity is coming from."
He said with the US election now only five days away, and with the polls painting an inconsistent picture, investors can be forgiven for fearing "the worst" - a Trump win.
Meanwhile, the number of Americans filing for unemployment benefits unexpectedly rose last week, as initial jobless claims were up 7,000 from the previous week's unrevised level to 265,000. Economists had been expecting claims to be unchanged at 258,000.
This was the 87th consecutive week of initial claims below 300,000 - the longest streak since 1970.
Non-farm labour productivity, the goods and services produced by workers per hour, increased to a seasonally adjusted annual rate of 3.1% in the third quarter, due to a rise in output while hours grew slightly.
Markit's services purchasing managers' index rose to 54.8 in October from 52.3 in the previous month, above the 50 mark that separates contraction from expansion.
It was the steepest rate of expansion for almost a year.
Adjusted for seasonal influences, the composite PMI output index came was 54.9 from 52.3, the strongest upturn in private sector output since November 2013.
Factory orders edged higher in September by 0.3% month-on-month to $455.5bn, economists had forecast a 0.4% rise.
In the corporate news, Facebook's shares slumped 5.64% after the social media company cautioned after the close on Wednesday that advertising revenue growth will slow "meaningfully".
Shares in natural gas producer Chesapeake Energy rose 1.69%, paring earlier gains, as it reported that production fell 3.3% in the third quarter, compared to last year to 59m barrels of oil equivalent, due to asset sales.
Net loss fell nearly 75% to $1.20bn, while adjusted profit was 9 cents per share, above analysts' expectations of 3 cents.
Avon Products' shares fell 2.65%, recovering some earlier losses after the cosmetics company said it swung to a £35.6m profit in the quarter from a loss of $691m a year earlier.
Revenue fell 1.9% to $1.41bn with adjusted earnings of two cents per share, up from an 11 cents loss, but missed expectations of three cents on $1.42bn in revenue.
Dow Jones - Risers
Walt Disney Co. (DIS) $93.37 1.59%
3M Co. (MMM) $166.83 0.66%
International Business Machines Corp. (IBM) $152.37 0.28%
Wal-Mart Stores Inc. (WMT) $69.63 0.26%
Exxon Mobil Corp. (XOM) $83.66 0.25%
E.I. du Pont de Nemours and Co. (DD) $68.51 0.20%
Caterpillar Inc. (CAT) $81.27 0.20%
Johnson & Johnson (JNJ) $115.04 0.15%
Travelers Company Inc. (TRV) $105.72 0.09%
Visa Inc. (V) $80.65 0.09%
Dow Jones - Fallers
Pfizer Inc. (PFE) $29.89 -2.42%
Intel Corp. (INTC) $33.93 -1.94%
Apple Inc. (AAPL) $109.83 -1.58%
Unitedhealth Group Inc. (UNH) $137.88 -0.83%
General Electric Co. (GE) $28.28 -0.74%
Merck & Co. Inc. (MRK) $58.43 -0.70%
McDonald's Corp. (MCD) $111.75 -0.60%
Boeing Co. (BA) $140.02 -0.52%
United Technologies Corp. (UTX) $101.05 -0.48%
JP Morgan Chase & Co. (JPM) $68.38 -0.44%
S&P 500 - Risers
Marathon Oil Corp. (MRO) $14.16 10.72%
FMC Corp. (FMC) $50.93 10.50%
United States Steel Corp. (X) $19.20 7.74%
Twenty-First Century Fox Inc Class A (FOXA) $27.71 7.28%
Twenty-First Century Fox Inc Class B (FOX) $27.53 6.91%
Transocean Ltd. (RIG) $9.87 6.24%
Lincoln National Corp. (LNC) $51.36 6.00%
Alcoa Corporation (AA) $24.15 5.41%
Hologic Inc. (HOLX) $37.19 5.15%
Murphy Oil Corp. (MUR) $27.06 4.72%
S&P 500 - Fallers
Endo International Plc (ENDP) $14.63 -19.48%
First Solar Inc. (FSLR) $34.51 -14.96%
Wynn Resorts Ltd. (WYNN) $87.53 -9.31%
CF Industries Holdings Inc. (CF) $22.60 -8.50%
Frontier Communications Co. (FTR) $3.13 -7.67%
Mallinckrodt Plc Ordinary Shares (MNK) $53.54 -7.23%
Tenet Healthcare Corp. (THC) $17.47 -7.07%
Mylan Inc. (MYL) $34.14 -6.90%
Apache Corp. (APA) $55.52 -6.63%
Church Dwight Co Inc. (CHD) $44.12 -6.62%
Nasdaq 100 - Risers
Twenty-First Century Fox Inc Class A (FOXA) $27.71 7.28%
Twenty-First Century Fox Inc Class B (FOX) $27.53 6.91%
Discovery Communications Inc. Class A (DISCA) $25.78 2.30%
Viacom Inc. Class B (VIAB) $36.68 2.26%
Expedia Inc. (EXPE) $125.29 1.86%
Activision Blizzard Inc. (ATVI) $43.37 1.81%
Discovery Communications Inc. Class C (DISCK) $24.81 1.81%
TripAdvisor Inc. (TRIP) $62.74 1.80%
Electronic Arts Inc. (EA) $80.52 1.77%
Seagate Technology Plc (STX) $33.08 1.32%
Nasdaq 100 - Fallers
Mylan Inc. (MYL) $34.14 -6.90%
Facebook Inc. (FB) $120.00 -5.64%
Incyte Corp. (INCY) $83.28 -4.48%
Stericycle Inc. (SRCL) $73.05 -3.92%
Express Scripts Holding Co (ESRX) $67.24 -3.70%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $231.61 -3.21%
Monster Beverage Corp (MNST) $140.21 -2.83%
Biomarin Pharmaceutical Inc. (BMRN) $78.62 -2.82%
Mattel Inc. (MAT) $30.05 -2.75% |
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| | Newspaper Round Up | | Friday newspaper round-up: Brexit, rents, HSBC Theresa May's defeat in the courts on Article 50 leaves the prime minister facing serious uncertainty over her EU exit strategy, with the prospect of months of delays and a concerted move by MPs to push her towards a "soft Brexit". As Westminster digested another remarkable twist in the Brexit story, the government immediately announced it would appeal to the Supreme Court. But if the prime minister loses for a second time the action will move swiftly to parliament. - Financial Times
Rents in Britain will rise steeply during the next five years as a government campaign against buy-to-let investing constrains supply, estate agencies have forecast. London tenants face a 25 per cent increase to their rents during the next five years, said Savills, the listed estate agency group. Renters elsewhere in the country will not fare much better, it said, with a predicted 19 per cent rise. - Financial Times
The long-awaited announcement about the future of the Navy's new frigates could come as early as today, delivering a boost to prime contractor BAE Systems. Defence Secretary Michael Fallon is expected to confirm the eight Type 26 ships announced in last year's defence review will be built. - Telegraph
Sir James Dyson, the billionaire inventor, has said it would not be a "catastrophe" if Britain cannot agree a deal to remain part of the European single market and has to pay tariffs on exported goods. Dyson, one of the most prominent business supporters of Brexit before the referendum, said that the British economy and its companies are doing "rather better than everybody thought" since the vote. - Guardian
The Chinese conglomerate Dalian Wanda Group has finalized a $1bn deal to buy Dick Clark Productions, the company announced on Thursday. Dalian Wanda, a real estate and entertainment corporation owned by a billionaire who has aggressively pursued US film companies in recent years, said it had acquired a 100% stake in Dick Clark production "marking Wanda's entry into the television production industry". - Guardian
A French prosecutor has called for HSBC and two senior executives from its Swiss private banking arm to face criminal trial for enabling customers to hide more than €2 billion from the tax authorities. The request from the financial prosecution service comes after an investigation into the affairs of clients of HSBC Private Bank Suisse that were passed to the authorities in 2008 by Hervé Falciani, a former employee. - The Times
The price of diesel has risen faster than at any time in almost a decade as a result of a slump in the pound after the Brexit vote, the RAC said. Almost £3 was added to the cost of filling the average car last month in a further sign that the vote to leave the EU may be harming family finances. - The Times | | |
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